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1.Market Observations, 2.Economic forecasts, 8.Was Sticky

4 Oct 2018 (AFR) – Manhattan home sales fall for fourth quarter in a row as listings clog market

(4 October 2018, AFR, p42, by Oshrat Carmiel)

‘It’s been a rough year for Manhattan’s home sellers, and they’re not about to catch a break any time soon. In the three months through September, purchases dropped 11 per cent from a year earlier to 2987 – the fourth straight quarter with a decline, according to a report by appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate. Listings piled on to the market at an even greater rate, climbing 13 per cent to 6925 homes. A surging stock market typically fuels buyer bullishness on Manhattan real estate, but not this time. Years of escalating prices, coupled with federal tax changes that increased burdens for some homeowners have would-be purchasers assessing the value of buying property against other investments.’

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